IRVINE, Calif. – January 12, 2021 – Rockefeller Group, a leading real estate developer, owner and operator, announced today the sale of two recently completed industrial properties in the Inland Empire to separate buyers. The two buildings, which total approximately 500,000 square feet, sold for $80.75 million.
Haralambos Leasing Company acquired the 297,161-square-foot Fontana Santa Ana Industrial Center for $54 million. The property is located at 10965 Banana Avenue in Fontana, Calif. and was developed by Rockefeller Group as part of a joint venture with MBK Real Estate.
Lone Oak – Moreno Valley, L.L.C. acquired the 203,944-square foot Centerpointe Commerce Center for $26.75 million. The property is located at 14180 Frederick Street in Moreno Valley, Calif.
“The sale of these two industrial buildings to different users shows that demand for new product in the Inland Empire along the I-10 and I-215 corridors remains strong,” said James V. Camp, Senior Vice President and Regional Development Officer for Rockefeller Group’s West Region. “During the uncertainty of 2020, we were able to complete both of these buildings with minimal disruption to construction, delivering two Class-A mid-sized buildings to buyers focused on increasing their industrial footprint in the market.”
“Haralambos continues to invest in quality industrial properties in Southern California and the Inland Empire,” said Anthony Haralambos. “We are excited to have this opportunity to increase our presence in the Inland Empire market with Fontana Santa Ana Industrial Center.”
Construction of Fontana Santa Ana Industrial Center began in March 2020 on a 13.78-acre site Rockefeller Group acquired as an assemblage of eleven separate parcels. The company began construction of Centerpointe Commerce Center in October 2019. The 8.78-acre site was purchased from Newcastle Partners, Inc., who procured all project entitlements through the City of Moreno Valley prior to sale.
“Interest in these buildings even prior to the walls being raised was high because of their proximity to major highways and the port and the rise of e-commerce in the region,” said Mr. Camp. “We expect demand to continue to outpace supply in this market, and we have more than 4 million-square feet of industrial currently under construction or planned in the Inland Empire and South San Diego.”
Paul Earnhart, Doug Earnhart, Brian Pharris, and Ryan Earnhart of Lee & Associates – Ontario and Juan Gutierrez of Voit Real Estate Services represented Rockefeller Group on the sale of Fontana Santa Ana Industrial Center and Tal Siglar of Cushman & Wakefield Ontario represented Haralambos Leasing Company. Bill Heim, Finn Comer, Alex Heim and Nesha Ritchie of Lee & Associates represented Rockefeller Group on the sale of Centerpointe Commerce Center and Tim O’Rourke of JLL’s Industrial Services Group in Los Angeles represented Lone Oak – Moreno Valley, L.L.C.